Strides Arcolab, Financial Technologies (India), Jaiprakash Power Ventures and Cairn India are among the other gainers.
Ranbaxy Laboratories spurted 10.61% to Rs 418.55 and topped the gainers in the BSE's 'A' group. The stock rose on volume of 19.02 lakh shares, higher than average daily volume of 9.43 lakh shares in the past two weeks. The stock had lost 6.2% to Rs 378.40 on Tuesday, 27 August 2013.
Strides Arcolab galloped 7.1% to Rs 889.05 and was second biggest gainer in 'A' group. The Foreign Investment Promotion Board (FIPB) on Tuesday, 27 August 2013, gave its nod for US-based Mylan Inc's proposal to acquire Agila Specialties -- a subsidiary of Strides Arcolab.
Since the Mylan's investment proposal is of over Rs 1200 crore, it will go to the cabinet committee on economic affairs for final approval. Earlier, the FIPB had taken up the proposal in its 5 July meeting, but kept decision in abeyance pending finalisation of policy on FDI in brownfield pharma projects involving transfer of control.
On 28 February this year, Strides Arcolab and the US-based Mylan Inc signed a massive $1.6 billion plus agreement by which the US drug major will acquire Agila Specialties, the injectable medicine business of Strides.
Financial Technologies (India) jumped 6.8% to Rs 141.45 and was third biggest gainer in 'A' group. Financial Technologies (India) after market hours on Tuesday, 27 August 2013 said that at a request received from National Spot Exchange (NSEL), the company has given a bridge loan of Rs 177.23 crore to NSEL. As informed by NSEL this amount shall be exclusively used for payments to small investors. Without prejudice and without admitting any liability, the above loan has been given considering the exigencies and to protect the interest of small investors. NSEL is the unlisted unit of Financial Technologies (India).
Jaiprakash Power Ventures surged 5.45% to Rs 12.38 and was fourth biggest gainer in 'A' group. The stock rose on bargain hunting after falling 10.11% in prior two trading days to Rs 11.74 on 27 August 2013 from Rs 13.06 on 23 August 2013.
Cairn India rose 5.44% to Rs 325.55 and was fifth biggest gainer in 'A' group. US crude oil futures for October 2013 delivery were up $0.91 or 0.83% a barrel at $109.92 a barrel in the electronic trading today, 28 August 2013. The contract had surged $3.09 a barrel or 2.91% to settle at $109.01 a barrel on the New York Mercantile Exchange on Tuesday, 27 August 2013, its highest closing level since 24 February 2013. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms like Cairn India.
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